Property Management Institute https://propertymanagement.institute Property Management Education for Landlords Wed, 21 Nov 2018 16:45:14 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.4 /wp-content/uploads/2018/02/cropped-PMI-Sub-Mark-1-32x32.png Property Management Institute https://propertymanagement.institute 32 32 The question: How to Calculate Rental Property Cash Flow /blog/2018/11/21/the-question-how-to-calculate-rental-property-cash-flow/ /blog/2018/11/21/the-question-how-to-calculate-rental-property-cash-flow/#respond Wed, 21 Nov 2018 16:32:58 +0000 /?p=978 Anyone looking to buy real estate rental property as an investment will inevitably ask the question concerning cash flow. Learning to evaluate a property to see what the cash flow potential is prior to buying the property is a must if you are looking towards cash flow, of course. We’re always looking for helpful information to share […]

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]]> Anyone looking to buy real estate rental property as an investment will inevitably ask the question concerning cash flow. Learning to evaluate a property to see what the cash flow potential is prior to buying the property is a must if you are looking towards cash flow, of course. We’re always looking for helpful information to share with our followers by providing additional resources links.

Chad Carson is a real estate investor, world traveler, father of two beautiful children, and husband or as he says about his wife, an adventure partner. His mission is to help you do more of what matters. His blog has useful information and is a good read. Take a look…..

 

How to Calculate Rental Property Cash Flow – A Comprehensive Guide

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/blog/2018/11/21/the-question-how-to-calculate-rental-property-cash-flow/feed/ 0 Ever Thought of Teaching a Course or Class or Becoming an Instructor? /blog/2018/11/20/ever-thought-of-teaching-a-course-or-class-or-becoming-an-instructor/ /blog/2018/11/20/ever-thought-of-teaching-a-course-or-class-or-becoming-an-instructor/#respond Tue, 20 Nov 2018 15:39:31 +0000 /?p=974 Ever thought of teaching a course or class or becoming an instructor? The idea of passing on knowledge has intrigued people for generations and for many it is the profession of choice. We often hear the terms “teacher” and “instructor” and that prompts the question, what is an instructor or teacher? All of us had […]

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Ever thought of teaching a course or class or becoming an instructor?

The idea of passing on knowledge has intrigued people for generations and for many it is the profession of choice. We often hear the terms “teacher” and “instructor” and that prompts the question, what is an instructor or teacher?

All of us had teachers during our formal education years, elementary, middle school and high school. Those of us who went onto college learned a great deal of subject matter listening to professor’s lectures. On the other hand, many have learned much through instructors delivering much-needed information on a specific subject such as a computer class, continuing education class, a yoga, or exercise class. This not an attempt to classify either a teacher or an instructor as one being of greater value than the other but rather to simply define some of the differences for you to understand between the two titles. In many instances the duties, procedures or methods of a teacher or instructor may overlap, of course, but for all intense and purpose they are separate entities providing needed education.

A teacher, for example, works a plan by utilizing lecture, question engagement, a monitoring process, and evaluates, usually through testing, how a student is coming along at gaining knowledge from the course. A teacher is, in many aspects, more involved through the process of educating their students and interacts directly with them as well, sometimes, getting to know their students more personally.

An instructor is a teacher or professor, but of a specialized subject that involves skill.  An instructor is, more or less, task-oriented and isn’t as broad-based in approach as a teacher. An instructor’s instruction has a different approach, usually with an emphasis on practical aspects of a subject and rarely is evolved with the theoretical aspects of the subject. Instructors are more geared towards a “how to” approach.

Most instructors have actual “real world” experience in the subject they choose to instruct. For example, most athletic coaches instruct their players and were players themselves at some point. In the business world, many business owners, become mentors, wishing to pass along their gained knowledge and insights to up and coming individuals, interested in learning about their respected fields. This is an important difference between teacher and instructor.

Most online courses are taught using the instructor approach delivering the material through a lecture with onscreen graphics or videos. A course is comprised of several modules or sections, often referred to as a class, and each might run an hour or so. The information being provided by the classes is more direct and to the point and many times set up in a step by step approach. Because of this “delivery system,” the instructor label is more often used to describe the online proctor.

So, as you can see the role of teacher or instructor in many ways’ overlaps, as I said earlier, but there is a distinct difference between the two. If you are considering becoming an individual that provides a learning experience which one would you become, an instructor or a teacher? Something to think about, but either way, everyone needs learning and when they do, turning to someone for help means they going to need a teacher or instructor.

 

 

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I wish I had Known That! /blog/2018/11/05/i-wish-i-had-known-that/ /blog/2018/11/05/i-wish-i-had-known-that/#respond Mon, 05 Nov 2018 18:09:00 +0000 /?p=968 Ever find yourself in a position of having or doing something that makes you suddenly say “wish I had known that”? It happens to all of us at some point and many times we feel like we’re up to our elbows and it’s getting over our head. As life will have it, everything is part of a […]

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Ever find yourself in a position of having or doing something that makes you suddenly say “wish I had known that”?
It happens to all of us at some point and many times we feel like we’re up to our elbows and it’s getting over our head. As life will have it, everything is part of a learning curve and as we all know learning comes into ways generally, trail and error or education.
Planning is usually the key to most things and having a good plan of action to go along with a plan makes the most sense. Obviously having someone who can teach or mentor you as you go through a learning curve is ideal but in lieu of that, courses or classes are the next best thing. Real estate investing is a growing method of investing for many people today and educational opportunities abound. Online courses have become a great avenue for learning at a pace that can fit your schedule and lifestyle and of course, we encourage you to look at what www.propertymanagement.institue has to offer in the way of classes. To help reinforce our message, the link below takes you to a good article published by Susan Johnston Taylor who has contributed to the money section of USNews.com since 2011. I’m sure there are a few valuable lessons to be learned by reading her article. Take a look.
5 Things Homeowners Wish They’d Known Before Becoming Landlords

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Time Management Tips /blog/2018/10/25/time-management-tips/ /blog/2018/10/25/time-management-tips/#respond Thu, 25 Oct 2018 13:51:45 +0000 /?p=956 Time Management Tips by Thom Finn, October 22, 2018 Many times when I sit through a complimentary coaching session and develop a plan for the business owner to follow, my sixth sense or “Coach’s Instinct” tells me that until they get some mastery over their time, even the best plans will be for nothing. Without […]

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Time Management Tips

by Thom Finn, October 22, 2018

Many times when I sit through a complimentary coaching session and develop a plan for the business owner to follow, my sixth sense or “Coach’s Instinct” tells me that until they get some mastery over their time, even the best plans will be for nothing. Without some strong fundamental time management skills, most of us will never find the time to move on to the next great thing.

Here are two techniques you can use to find more time during your busy day:

If you seem to be plagued with face to face interruptions by your team members, try closing your door for an hour or so throughout the day. Alert your staff that you would like to work uninterrupted. During this time refrain from answering your phone and checking your e-mails.  Surely you can agree that a few hours out of the week where you are not readily accessible will not mean disaster. You may have to train your staff to honor your wish, but once you and they get in the habit, you will be surprised at both the quantity and quality of what you can accomplish.

If you find yourself losing chunks of time on telephone calls that are of low quality, you may want to try being more selective on which calls you take. I know one business owner who does not take a single call and another business owner who prides herself on answering 100% of the calls. I am suggesting that rather go to one extreme or the other, you find some sort of middle ground. Many phone conversations are simply sharing or passing along pieces of information, which is one-way communication. Perhaps by encouraging callers to leave a detailed message, or training your message takers to take down specific information, you can eliminate those inefficient “give me a call” messages.

Tom is a contributing instructor to www.propertymanagement.institue, to view his course click, Thom Finn

 

 

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Winterized Properties… BUYER BEWARE! /blog/2018/10/22/winterized-properties-buyer-beware/ /blog/2018/10/22/winterized-properties-buyer-beware/#respond Mon, 22 Oct 2018 15:30:02 +0000 /?p=952 by april crossley | Jan 23, 2018 | Uncategorized | 0 comments Despite the fact that I’m now spending the winters in Arizona, I still invest in Pennsylvania.  And let’s be real… we get some BRUTALLY cold winters in PA. It’s the reason I’m in AZ. I am running away from the cold! If you aren’t from a habitat where the temps […]

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Despite the fact that I’m now spending the winters in Arizona, I still invest in Pennsylvania.  And let’s be real… we get some BRUTALLY cold winters in PA. It’s the reason I’m in AZ.

I am running away from the cold!

If you aren’t from a habitat where the temps can drop below freezing…. Well, aren’t you lucky!
Celebrate your warmth!  For those of you that are from frozen tundras, you have to be extra cautious when buying properties in the winter.

Winter property hunting with my son.

A lot of times investors will look at bank owned properties. And on these properties, you will see a big
sign on the door that says: This Property Has Been Winterized.

I am here to tell you that sign means absolutely nothing.

Yes, nothing. Just ignore it. Like it isn’t even there.  How could that be? Don’t banks take care of vacant properties they have? (Just typing this question makes me laugh out loud).

No, they don’t.  In fact, most vacant properties sit for a year or more until the bank actually gets in there to winterize
them!

What does this all mean?

It means that your pipes and radiators are likely shot. It means the pipes have frozen, thawed, frozen,
thawed, multiple times before the bank even got in there to winterize. Or, sometimes bank owned
properties are not winterized correctly.

Here’s the kicker …

Bank owned properties have all utilities turned off.

So when you buy the house, and have the water turned on, and your pipes are cracked or broken or
your radiators or cracked … it will start raining in your house.  This NO FUN.

So what do you do about it?

 

ADD FLUFF! We love fluff! I always put in my rehab costs that I am going to have to replace all radiators
and I add extra fluff for plumbing expense. And send your plumber in FIRST!! In fact, if you can, take him
with when you do a walkthrough of the property prior to settlement.

Buyer Beware when it comes to winterized properties! If you remember anything from this blog post,
WINTERIZED MEANS NOTHING!

April Crossley is a contributing instructor for www.propertymanagement.institue. View her course at April Crossley

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Update on The Assistance and Service Animal Integrity Act /blog/2018/10/19/update-on-the-assistance-and-service-animal-integrity-act/ /blog/2018/10/19/update-on-the-assistance-and-service-animal-integrity-act/#respond Fri, 19 Oct 2018 02:18:03 +0000 /?p=947 Update on The Assistance and Service Animal Integrity Act I’m sure you may have seen this in the news, at some point, where a passenger noted in her reservation that she was bringing an “emotional support animal” on her Frontier Airlines flight. She did not say it was a squirrel, which, again, is a rodent. […]

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Update on The Assistance and Service Animal Integrity Act

I’m sure you may have seen this in the news, at some point, where a passenger noted in her reservation that she was bringing an “emotional support animal” on her Frontier Airlines flight. She did not say it was a squirrel, which, again, is a rodent. Rodents, according to Frontier, are not allowed on airliners. There was another incident of a woman who tried to board a United flight last winter with her peacock. She’d been told “no” three times by United but still, she turned up at Newark International Airport with her peacock. These situations have led many states to impose rules and regulations governing “support animals” which brings us to Pennsylvania’s latest house bill dealing with this issue.

Pennsylvania joins 12 other states in protecting property owners from residents who fraudulently claim their pets to be service/emotional support/assistant animals. House Bill HB 2049 “The Assistance and Service Animal Integrity Act” passed the Senate 48-1 and will now head to the Governor’s desk for his signature. HB 2049 defines an assistance and service animal consistent with federal and state laws. It requires that the person claiming the need for the “assistance or service animal” be one who has direct knowledge of the person’s disability and disability-related need for the “assistance or service animal”. It makes misrepresenting the therapeutic need for an “assistance animal” or fraudulently labeling of a pet as an “assistance animal” a crime. Once an animal is determined to be an “assistance animal”, it makes a landlord legally bound to accept the animal and it would hold the landlord harmless for any injuries the animal may cause to others.

Below is a copy of the bill for your review.

THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE BILL No. 2049 Session of 2018

INTRODUCED BY MOUL, MILLARD, M. K. KELLER, O’NEILL, WARD, ROTHMAN, ZIMMERMAN AND WATSON, FEBRUARY 2, 2018

AS REPORTED FROM COMMITTEE ON URBAN AFFAIRS, HOUSE OF REPRESENTATIVES, AS AMENDED, MARCH 12, 2018

AN ACT

Providing for requirements for documentation of the need for an assistance animal or service animal in housing and for the offenses of misrepresentation of entitlement to assistance animal or service animal and misrepresentation of animal as assistance animal or service animal.

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

Section 1.  Short title.

This act shall be known and may be cited as the Assistance and Service Animal Integrity Act.

Section 2.  Definitions.

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Assistance animal.”  An animal, other than a service animal, that qualifies as a reasonable accommodation under the Fair Housing Act (Public Law 90-284, 42 U.S.C. § 3601 et seq.), section 504 of the Rehabilitation Act of 1973 (Public Law 93-112, 29 U.S.C. § 701 et seq.) or local law. The term includes an emotional support animal when the animal qualifies as a reasonable accommodation.

“Association.”  The owners association established to operate a condominium, cooperative or planned community located in this Commonwealth.

“Disability.”  A physical or mental impairment which substantially limits one or more major life activities.

“Service animal.”  An animal, other than an assistance animal, that qualifies as a service animal under the Americans with Disabilities Act of 1990 (Public Law 101-336, 104 Stat. 327) or as a guide or support animal under the act of October 27, 1955 (P.L.744, No.222), known as the Pennsylvania Human Relations Act or local law.

Section 3.  Documentation of disability and disability-related need.

(a)  Right to request documentation.–A landlord who or association that receives a request from a person to make an exception to the landlord’s or association’s policy prohibiting animals or limiting the size, weight, breed or number of animals on the landlord’s property or within property controlled by the association because the person requires the use of an assistance animal or service animal may require the person to produce documentation of the disability and disability-related need for the animal only if the disability or disability-related need is not readily apparent or known to the landlord. or, in the case of an association, the executive board of the association.

(b)  Minimum standards.–Any documentation proving that a person is disabled and requires the use of an assistance animal or service animal as a reasonable accommodation in housing under the Fair Housing Act (Public Law 90-284, 42 U.S.C. § 3601 et seq.), the Rehabilitation Act of 1973 (Public Law 93-112, 29 U.S.C. § 701 et seq.), the Americans with Disabilities Act of 1990 (Public Law 101-336, 104 Stat. 327) or the act of October 27, 1955 (P.L.744, No.222), known as the Pennsylvania Human Relations Act or local law shall:

(1)  Be in writing.

(2)  Be reliable and based on direct knowledge of the person’s disability and disability-related need for the assistance animal or service animal.

(3)  Describe the person’s disability-related need for the assistance animal or service animal.

Section 4.  Immunity.

Notwithstanding any other law to the contrary, a landlord or association shall not be liable for injuries caused by a person’s assistance animal or service animal permitted on the landlord’s property or within property controlled by the association as a reasonable accommodation to assist the person with a disability under the Fair Housing Act (Public Law 90-284, 42 U.S.C. § 3601 et seq.), section 504 of the Rehabilitation Act of 1973 (Public Law 93-112, 29 U.S.C. § 701 et seq.), the Americans with Disabilities Act of 1990 (Public Law 101-336, 104 Stat. 327), the act of October 27, 1955 (P.L.744, No.222), known as the Pennsylvania Human Relations Act or any other Federal, State or local law.

Section 5.  Misrepresentation of entitlement to assistance animal or service animal.

(a)  Offense defined.–A person commits the offense of misrepresentation of entitlement to assistance animal or service animal if the person intentionally:

(1)  misrepresents to another that the person has a disability or disability-related need for the use of an assistance animal or service animal in housing; or

(2)  makes materially false statements for the purpose of obtaining documentation for the use of an assistance animal or service animal in housing.

(b)  Grading.–A person who violates the provisions of subsection (a) commits a misdemeanor of the third degree.

Section 6.  Misrepresentation of animal as assistance animal or service animal.

(a)  Offense defined.–A person commits the offense of misrepresentation of an animal as an assistance animal or service animal if the person intentionally:

(1)  creates a document misrepresenting an animal as an assistance animal or service animal for use in housing;

(2)  provides a document to another falsely stating that an animal is an assistance animal or service animal for use in housing; or

(3)  fits an animal that is not an assistance animal or service animal with a harness, collar, vest or sign that the animal is an assistance animal or service animal for use in housing.

(b)  Grading.–A person who violates the provisions of subsection (a) commits a summary offense and shall, upon conviction, be sentenced to pay a fine not to exceed $1,000.

Section 7.  Effective date.

This act shall take effect in 60 days.

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Real Life Real Estate Lessons: Buying a House You Don’t Want /blog/2018/09/24/real-life-real-estate-lessons-buying-a-house-you-dont-want/ /blog/2018/09/24/real-life-real-estate-lessons-buying-a-house-you-dont-want/#respond Mon, 24 Sep 2018 17:04:31 +0000 /?p=933 Real Life Real Estate Lessons: Buying a House You Don’t Want by April Crossley | Mar 6, 2018 | Uncategorized | 0 comments You won’t want every house… but you might get it anyway…and sell it to someone else.   A few months ago a seller was referred to me by another seller I had purchased a home from in my market. […]

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Real Life Real Estate Lessons: Buying a House You Don’t Want

You won’t want every house… but you might get it anyway…and sell it to someone else.

 

A few months ago a seller was referred to me by another seller I had purchased a home from in my market. They had a house of a deceased loved one that they needed to get rid of.  It needed A LOT of work.  A LOT.

So what is A LOT of work?  Well, this depends on your risk tolerance as an investor.

Some investors will take on a rehab project of a house that is ¾ falling to the ground and a complete train wreck. Some investors will only take on light rehabs (paint and carpet). I probably fall somewhere in between.  You won’t catch me taking on a burn out property (fire damaged) or a complete train wreck… OR certain types of septic systems, old farmhouses, and other types of houses I dislike due to horrific experiences with them.

For me, there are just certain types of houses I don’t like to rehab, and this was one of them.  It is a house that needed EVERYTHING!

 The house is 117 years old.

Someone’s trash is another person’s treasure!

It had steps going to the 2nd floor that were so narrow you had to walk up them sideways. There was knob and tube wiring throughout the whole house. It had 3 bedrooms but one was a walkthrough. It had 2 front doors (old farmhouse style). It needed a kitchen, a bathroom, siding on the entire outside, and had a garage that was falling apart, and a shed that needed torn down. Did I mention an awkward layout?

It was no cupcake.  I knew when I was walking through that I didn’t want to take on this rehab.

After viewing the house, I told the seller that she could list the house on the market for around $75,000 and after commissions and transfer tax and fees she could probably net about $70,000. OR I could buy the property for cash for $35,000.

I REALLY wanted her to list it on the market.

I had no desire to buy it cash so I came in low.  Despite me encouraging her to list it to net close to $35,000 MORE… she was adamant that she wanted no parts of putting it on the market and she wanted to sell it cash.  BUT…. she was in no rush.  We didn’t settle for almost 2 months! (that’s a long time in an investor’s world).

So WHY sell it cash??

She could have put it on the market and sold it in that time! Her family even cleaned out the majority of the home AND I offered my own clean out people to help finish it for her to list it on the market!

Turns out, there was a feud with the neighbor and some other family happenings going on and they just wanted a quiet, cash sale.  So that is what we did.

And THEN……………………..we listed it on the market.

Well first I had it cleaned out, THEN listed it on the market. Yeah, we didn’t rehab it at all.  I bought it for $35,000 and put it on the market for $79,000.  It was under contract with a buyer in a matter of days.  We did zero rehab.  Zero.

We will make just as much as we would if we would have flipped it.

Sometimes you won’t want a house but a seller will want the cash offer anyway. Despite me trying to get them to list it, they were motivated to just be done with it.

And once again, it shows that motivated sellers are what we should be aiming for in this business.   If you find a house you don’t want, just because it isn’t appealing to you, doesn’t mean it won’t be appealing to someone else.

In this case- someone else was willing to pay more than $35,000 than what we were for the same house! In my case, I don’t pay a commission to list it on the market.  But if you are not an agent, connecting with other cash buyers to re-sell projects to is super important.  A few months ago students of mine made $8,000 on a wholesale deal that didn’t make sense for them, but made sense to a self rehabber in their market.

The moral of the story?  Motivated sellers are key & if it’s not a deal for you…. It just might be a deal for someone else!

April Crossley is a contributing instructor for www.propertymanagement.institue. View her course at April Crossley

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How to Learn the Oregon Eviction Process of Removing a Tenant /blog/2018/08/23/how-to-learn-the-oregon-eviction-process-of-removing-a-tenant/ /blog/2018/08/23/how-to-learn-the-oregon-eviction-process-of-removing-a-tenant/#respond Thu, 23 Aug 2018 20:20:01 +0000 /?p=888 By Tamie Kaufman You have that tenant and the relationship just is not going to work out?  You have not been paid rent, they have a constant barking dog, they have unauthorized occupants, you have multiple neighbor complaints, or you just need your place back to move in or remodel?  Where do you start?  How […]

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By Tamie Kaufman

You have that tenant and the relationship just is not going to work out?  You have not been paid rent, they have a constant barking dog, they have unauthorized occupants, you have multiple neighbor complaints, or you just need your place back to move in or remodel?  Where do you start?  How do you get someone to leave?  What is an eviction?  Don’t put your head in your hands, there is help available.

Oregon Evictions is a course to be used as a tool to assist you in the process of removing a tenant whether through a friendly process or through a court eviction.  The tools provided in this class will assist you in making the decision to remove, what might be the best option for notice and if you want to go the legal route or talk them into leaving.

Tamie Kaufman, the instructor, and licensed property manager has successfully removed over fifty tenants in ten years for various reasons and has only had to attend three trials.  Removing tenants does not have to be a legal battle but setting up the paper trail is important if you end up going in that direction.

This lesson will go through the lease/rental agreement, types of notices, forms for filing, mediation, what to expect from the court.  Possible outcomes and what to do if an agreement is made and not honored.  Steps from the judgment to the actual sheriff removal if needed.  How to handle abandoned property after they leave is also included.

A bonus track on types of fees and deposits allowed in Oregon.  An informative helpful educational tool to help landlords and property managers determine their next steps in dealing with problem tenants.

Being a landlord is constant learning and this is an excellent way to learn more about the end of the landlord/tenant relationship when things go wrong.

Tamie Kaufman is a contributing instructor for www.propertymanagement.institute. To view her course click, Tamie Kaufman

 

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Do You Know If Your Business is ADA Compliant? /blog/2018/08/23/do-you-know-if-your-business-ada-compliant/ /blog/2018/08/23/do-you-know-if-your-business-ada-compliant/#respond Thu, 23 Aug 2018 18:44:17 +0000 /?p=882 An Article By Alex Lee Having done ADA (Americans with Disabilities Act) related assessments of physical sites for over ten years, I am still surprised at the lack of attention, knowledge and understanding property stakeholders exhibit.  As Federal law, the ADA is accessible to everyone (https://www.ada.gov).  Yet for whatever reason, property stakeholders still seem to […]

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An Article By Alex Lee

Having done ADA (Americans with Disabilities Act) related assessments of physical sites for over ten years, I am still surprised at the lack of attention, knowledge and understanding property stakeholders exhibit.  As Federal law, the ADA is accessible to everyone (https://www.ada.gov).  Yet for whatever reason, property stakeholders still seem to acquire their deepest understanding of the ADA in terms of hearsay and rumor through stories on the news or passed through their friend’s cousin’s friend. Perhaps this is, in part, due to a misunderstanding of what the ADA is about and who is responsible.  While the ADA includes building elements, the ADA is not building code.

Building code is about the health, fire, and safety of buildings which has to do with use and occupancy.  The ADA is about access to goods and services, which includes things like braille menus, video feeds, employment, furniture and hearing aids.  Thus while an architect or contractor may treat the ADA like building code, their expertise only applies during construction and design.   The ADA doesn’t end or begin with construction and design.  The ADA always applies as long as there are goods and services.  Even as tenants rearrange their layout and add more magazine racks or when contractors place temporary paths throughout a parking lot that has its sewer pipes exposed, property stakeholders are still liable if not more so. In short, as long as a business is operating, the ADA liability meter is on.  This lack of understanding has gotten property managers (and business owners) in trouble.

Yet even if property managers wanted to be educated where can they turn?  A quick look on Amazon shows that there are many books on the ADA but none for property managers (unless I write one).  Books on ADA are about the laws, for employers, attorneys, contractors, architects and aging homeowners.  There is nothing for businesses or property managers even if the business category includes all of the above (except aging homeowners).  After all, an architect’s office or an attorney’s office also has to be ADA compliant.

This course is to meant to change that.  Rather than waiting for a lawsuit to force you to hire an expert, you can start the process of becoming compliant now. You don’t need to know the ADA like an architect.  You aren’t living on site.  You don’t need the nitty-gritty.  What you need is a quick and dirty overview that gives you the conceptual framework so that you know what aspects of a property are problematic so that when the tenant improvements take place, or you help buy and sell or improve a building, you can spot the problem and help your clients and your tenants be protected.

In my opinion, the worst aspect of an ADA lawsuit isn’t damages or injunctive relief (fixing an incompliant item)—after all these aspects are part of the lawsuit.  The worst aspect of a lawsuit is that often, good money was previously paid to do things incorrectly.  Essentially, through pure ignorance, money is paid to make you liable. Stop being liable.  Start being responsible.  Get educated and proactive.  Learn the essentials.  Take my course on ADA compliance.

Alex Lee is a contributing instructor for www.propertymanagement.institute. To view his course click, Alex Lee

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Real Life Real Estate Lessons : Take Pride in What You Do /blog/2018/07/23/15-ways-to-find-deals/ /blog/2018/07/23/15-ways-to-find-deals/#respond Mon, 23 Jul 2018 18:27:22 +0000 /?p=880 By April Crossley Everybody wants to make money in real estate investing. It’s your business! Who wants to own a business that doesn’t make money? No one.  I am convinced that the key to having a successful business is doing what is best for OTHERS. Surprisingly, this business is not about YOU!   It’s mostly […]

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By April Crossley

Everybody wants to make money in real estate investing. It’s your business! Who wants to own a business that doesn’t make money? No one.  I am convinced that the key to having a successful business is doing what is best for OTHERS.

Surprisingly, this business is not about YOU!  

It’s mostly about helping sellers AND it is also about providing a good home for your end buyer when your flip is done. This year, a deal I had completed reinforced these lessons to me.

I purchased a property from a seller that had met with another investor prior to meeting with me.  When I meet with a seller I try to give them multiple options for selling. I always give them the market value and a cash offer, along with some other options if they are applicable.  I will take a look at the house, present my offers, and if they work for the seller… great.

If they don’t work for the seller…. That’s ok too!  I just want the seller to do what they feel is best for them.

The seller accepted my cash offer and when we were signing the contract, she told me that I wasn’t the first investor she had to the house.  She then explained how the first investor she met with tried to get her to sign a contract on the spot and was using high-pressure sales tactics to get her to sell to them.

She was disgusted.  

The investor that looked at this house prior to me was not worried about helping the seller at all. They were clearly only thinking about what THEY wanted and how badly they wanted it. In turn, they lost out on a deal and left a seller thinking “all investors are like that.”  Thankfully, I had the opportunity to change this sellers mind.

We flipped this house in less than 3 months and put it on the market to

If you don’t love it, don’t expect someone else to.

re-sell. It was under contract in less than a week.  The buyers told us at the settlement table that they had viewed a lot of “flipped houses.”

They were mostly disgusted by what they saw.

They said a lot of the homes were done terribly. The work was subpar. Thankfully, these buyers knew what they were looking at. Unfortunately, most buyers do not pay attention to detail on a home and end up buying a shoddy flip job.

Even more unfortunate is the fact that there are “flippers” out there that have a “burn and churn” mentality.  They don’t think about the quality of work or their end buyer at all.  Their primary goal is ………surprise……..themselves. They try to get everything done as cheaply as possible so they can make as much money as possible. And it shows in their end product.  The buyers of our property thanked us for putting out a quality product and knew they: “just had to have this house.”

This business is about helping sellers and providing quality homes to buyers. And it CAN be done while still making a profit.  To me, the quality of my flips is more important than the quantity. Always be proud of what you put your company’s name on.  If you wouldn’t love it and live in it, why would you expect someone else to?  And if you don’t like high pressure sales tactics, why would you expect someone to sell to you when you utilize them? This business is not about YOU.

April Crossley is a contributing instructor for www.propertymanagement.institue. View her course at April Crossley

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